# Travel + Leisure Co. (TNL)

> Source: Nexqual · https://nexqual.com/TNL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Travel + Leisure Co. (TNL), nexqual.com/TNL" · informational, not investment advice.

**Price:** USD 67.32 (+0.21% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 67.18 · day 66.55–67.78 · 52w 60.34–81 · market cap $4.13B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.09B, net income $238M (5.8% margin), free cash flow $442M (SEC filings).
- Valuation: P/E 17.3x (avg 12.2x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $17.5M; 8 not under a Rule 10b5-1 plan ($15.4M); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $66K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (13 analysts), mean target USD 87.23 (range 70–107).
- Total return with dividends: 1Y +6.9% vs S&P 500 +14.9%; 5Y +56.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 2.06, revenue estimate $1.08B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.13B | $3.57B | $3.75B | $3.86B | $4.02B | $4.09B |
| Gross profit | $2.98B | $3.41B | $3.62B | $3.77B | $3.75B | — |
| Operating income | $618M | $653M | $720M | $733M | $553M | $560M |
| Net income | $308M | $357M | $396M | $411M | $230M | $238M |
| EPS (diluted) | $3.52 | $4.24 | $5.28 | $5.82 | $3.44 | — |
| Free cash flow | $511M | $390M | $276M | $383M | $523M | $442M |
| Gross margin | 95.0% | 95.6% | 96.5% | 97.6% | 93.2% | — |
| Operating margin | 19.7% | 18.3% | 19.2% | 19.0% | 13.8% | 13.7% |
| Net margin | 9.8% | 10.0% | 10.6% | 10.6% | 5.7% | 5.8% |
| Revenue growth | +45.1% | +13.8% | +5.1% | +3.0% | +4.1% | — |
| Cash + short-term investments | $390M | $568M | $301M | $185M | $271M | — |
| Total debt | $5.31B | $5.64B | $5.65B | $5.59B | $5.60B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.3x · P/S 1.0x · P/FCF 9.3x · FCF yield 10.71% · Earnings yield 5.77% · Dividend yield (paid, TTM) 3.61% · Buyback yield (TTM) 8.14%
P/E at fiscal year-ends: Dec 2025 20.5x, Dec 2024 8.7x, Dec 2023 7.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-26 | Duncan Thomas Michael | SVP, Chief Accounting Officer | 20,000 | $1.5M | 79% | No | Too little history (no open-market trades in 2024) |
| 2026-08-06 | Brown Michael Dean | See Remarks | 200 | $16K | 0% | Yes (adopted November 25, 2025) | Too little history (no open-market trades in 2024) |
| 2026-08-05 | Brown Michael Dean | See Remarks | 4,150 | $329K | 0.8% | Yes (adopted November 25, 2025) | Too little history (no open-market trades in 2024) |
| 2026-08-04 | Myers Jeffrey | See Remarks | 34,000 | $2.6M | 33.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-04 | Esfahani Sy | Chief Technology Officer | 52,617 | $4.1M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-27 | Richards Geoffrey | See Remarks | 33,744 | $2.6M | 46% | No | Too little history (no open-market trades in 2023) |
| 2026-07-23 | Marshall Kimberly | Chief Human Resources Officer | 32,691 | $2.5M | 100% | No | Too little history (no open-market trades in 2023) |
| 2026-06-16 | Herrera George | Director | 500 | $38K | 27% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-04 | Marshall Kimberly | Chief Human Resources Officer | 28,000 | $2.0M | 45.8% | No | Too little history (no open-market trades in 2023) |
| 2026-05-14 | Post Denny Marie | Director | 2,500 | $160K | 55.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-16…2026-04-17 | Brown Michael Dean | See Remarks | 10,552 | $835K | 2.1% | Yes (adopted November 25, 2025) | Too little history (no open-market trades in 2024) |
| 2026-04-14…2026-04-15 | Brown Michael Dean | See Remarks | 11,522 | $910K | 2.3% | Yes (adopted November 25, 2025) | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $66K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-23 | Hoag Erik D | Chief Financial Officer | 1,000 | $66K | 65.67 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 13 analysts; mean target USD 87.23 (low 70, high 107).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $92 → $90 |
| 2026-10-16 | Goldman Sachs | Target lowered | Buy | $87 → $78 |
| 2026-10-15 | Susquehanna | Target lowered | Positive | $95 → $75 |
| 2026-10-08 | JP Morgan | Initiated | Neutral | $70 |
| 2026-09-10 | Truist Securities | Target lowered | Buy | $88 → $86 |
| 2026-08-18 | Morgan Stanley | Target raised | Overweight | $83 → $85 |
| 2026-07-23 | Mizuho | Target raised | Outperform | $105 → $107 |
| 2026-07-23 | Wells Fargo | Target raised | Overweight | $87 → $92 |
| 2026-07-23 | Barclays | Target raised | Equal-Weight | $74 → $77 |
| 2026-07-17 | Morgan Stanley | Target raised | Overweight | $78 → $83 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +6.9% | +56.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +6.9% | +9.3% |
| Volatility (annualized) | 32.5% | 33.3% |
| Max drawdown | -21.1% (Apr 2026→May 2026) | -40.8% (Feb 2022→Oct 2023) |

## Peers (Travel Services)
MMYT (MakeMyTrip Limited) USD 45.34 +2.35% · NCLH (Norwegian Cruise Line Holdings ) USD 15.54 -0.32% · LIND (Lindblad Expeditions Holdings I) USD 35.25 -2.60% · PRSU (Pursuit Attractions and Hospita) USD 56.29 +0.48% · TRIP (TripAdvisor, Inc.) USD 9.67 +2.44% · TCOM (Trip.com Group Limited) USD 39.57 +0.66%

## More
Full page: https://nexqual.com/TNL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TNL's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1361658/000136165826000009/tnl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | People Inc (PPLI) | "The acquisition created a strategic alliance between Travel + Leisure Co. and People Inc., with People Inc. continuing to operate and monetize Travel + Leisure branded multi-platform media assets across multiple channels…" |
| Partner | AVIS BUDGET GROUP, INC. (CAR) | "Pursuant to the Separation and Distribution Agreement with the Company's former parent, ABG, the Company entered into certain guarantee commitments with ABG and ABG's former subsidiary, Anywhere Real Estate Inc. (formerl…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Vacation Ownership | $907.0M | 85.3% | +6.3% |
| Travel and Membership | $157.0M | 14.8% | -5.4% |
| Total revenue | $1.06B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Vacation ownership interest sales | $524.0M | 49.3% | +10.5% |
| Service and membership fees | $396.0M | 37.3% | -2.7% |
| Property management fees and reimbursable revenues | $230.0M | 21.6% | +6.0% |
| Management fee revenues | $117.0M | 11.0% | +2.6% |
| Reimbursable revenues | $113.0M | 10.6% | +9.7% |
| Consumer financing | $113.0M | 10.6% | +0.9% |
| Transaction revenues | $109.0M | 10.3% | -6.8% |
| Deferred subscription revenue | $42.0M | 4.0% | -2.3% |
| Other | $30.0M | 2.8% | +20.0% |
| Ancillary revenues | $29.0M | 2.7% | +20.8% |
| Fee-for-Service commissions | $11.0M | 1.0% | -57.7% |
| Deferred exchange-related revenue | $9.0M | 0.8% | +0.0% |
| Total revenue | $1.06B | 100% | — |
The lines above cover 162.1% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $3.54B | 88.2% | +4.1% |
| Non Us | $476.0M | 11.8% | +3.5% |
| Total revenue | $4.02B | 100% | — |

## Company outlook (8-K filed 2026-07-22)

- "Where one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results. 4 Conference Call Information Travel + Leisure Co. will hold a conference call with investors to discuss the Company's results and outlook today at 8:30 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.06 | $2.03 | +1.3% | $1.08B | 12 |
| Next quarter (ends 2026-12-31) | $2.21 | $2.18 | +1.6% | $1.07B | 12 |
| Current fiscal year (ends 2026-12-31) | $7.56 | $7.53 | +0.4% | $4.18B | 12 |
| Next fiscal year (ends 2027-12-31) | $8.76 | $8.74 | +0.2% | $4.39B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±9.0%; last 8 reports averaged ±5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 39.9% | ±9.0% |
| 2026-12-18 | 56 | 33.5% | ±10.8% |
| 2027-02-19 | 119 | 32.1% | ±14.6% |
| 2027-05-21 | 210 | 35.1% | ±20.9% |